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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum $900

Will Ethereum Drop Back To $900? Here’s What This Analyst Thinks

Best Owie by Best Owie
2 months ago
in Ethereum
Reading Time: 3 mins read

Following the Terra LUNA network collapse back in 2022, the price of Ethereum followed the general market downtrend. As a result of this, the ETH price had fallen to a new cycle low of $900, before recovering once more. However, now that the altcoin is still deep in the throes of the bear market, questions have arisen once more about the chances of the price returning to its 2022 lows.

Crypto Analyst Says Ethereum Could Drop To $900

In an analysis posted on TradingView, crypto analyst FieryTrading presents a scenario in which the price of Ethereum could fall back toward its 2022 lows. The analysis in question takes into account the multiple bullish trend lines that the digital asset’s price had fallen through over the last year.

Related Reading: Ethereum Plunge Drives Liquidation Above $30 Million, More Pain To Come?

According to FieryTrading, Ethereum had one last remaining bullish line which had emerged on the chart back toward the bottom of the June 2022 sell-offs. However, the digital asset hasn’t been able to hold this trend line and they point out that “it’s well over a year old and must carry some weight.”

Ethereum price chart from Tradingview.com

ETH price could fall to $900 | Source: Tradingview.com

Due to this, the crypto analyst believes that the digital asset has entered into a long bearish stretch. As this bear stretch continues, which the analyst expects to be even longer, they see a high possibility of the Ethereum price reaching as low as $900 once more, as shown in the chart below.

Despite being seemingly convinced about ETH’s price decline, the analysis still needs confirmation. Their explanation which is shown in the chart as well asks to wait for the price to break below the $1,510 level for this to take place.

Ethereum price chart from Tradingview.com (crypto analyst $900)

ETH price falls to $1,567 | Source: ETHUSD on Tradingview.com

Bearish Going Into The Bitcoin Halving

As the analyst explains, the bearish expectation is not localized to just the Ethereum price alone. It seems to encompass the whole market which the analyst believes has finished out its half bullish stretch and has now entered into the bearish half that often leads up to the halving. As the analyst puts it, this indicates “that it’s the turn of the bears by now.”

This school of thought is not new and is actually backed up by historical data. When looking at the charts of cryptocurrencies such as Bitcoin and Ethereum, it shows that there was a bearish stretch leading up to the Bitcoin halving. After the event, this trend tends to reverse, which then signals the start of the bull market.

Related Reading: Top 5 Altcoins For October 2023 That Could 20X Your Crypto Portfolio

In the months leading up to the 2020 halving event, the price of Ethereum saw a sharp decline that put its price in the $120 region before picking back up. So if there is a repeat of this, then FieryTrading’s analysis for ETH could play out.

Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Shutterstock, chart from TradingView.com
Tags: ETHETH newseth priceethereumethereum newsethereum priceEthereum price predictionethusdETHUSDT
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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